Even after a decade of the initial launch, PayPal is still everyone’s first choice when it comes to online money transactions. A lot of alternatives came around but they were not as successful as PayPal. Although, this new service called “Square Cash” shows enough potential to compete against other online payment services as it allows anyone with a debit card to send money to others via a simple e-mail.
“Square Cash makes it convenient to send money to anyone — without making them jump through hoops to retrieve it,” said Brian Grassadonia, head of the Square Cash team “Now it’s easier than ever to split a bill, send a birthday gift or settle up with a friend, not matter where you are.”
Best thing about Square Cash is that you don’t even have to create an account and wait for it to get approved. A debit card and an email account is all you need to get started and send money to others.
Using Square Cash is simple. You just have to compose an email with receivers email address and the amount of money, with CC to cash@square.com. Users then receive an email asking to link their debit card to send payment. And to receive funds the customer has to enter the debit card number once and BAM! The money gets transferred to their debit card.
Sounds pretty cool, right. But is it safe to use? Well, it doesn’t look good. Folks at IBTimes points out that Square Cash doesn’t even have an actual detailed Privacy Statement on their website. So, nobody knows what they can do with all the debit card information. Only statement they made on the website is “You’re safe with us. The privacy and security of your financial information is our top priority.” Will that be enough to convince people to use the service?
At the moment, Square Cash is available only in the US.
[Source: Press Release / IB Times]
(All the images, trademarks, logo’s shown on this post are the property of their respective owners)
Follow @nrjperera - Roshan Jerad Perera